Image not displaying correctly Photoshop CS5 Extended V 12.1. (Same file OK in PS Elements)

Question

I am having a problem with Photoshop CS5 Extended V 12.1.
The problem:
When I open some files, some shades of BLUE colour is displayed as BLACK
However the same file  opens and displays correctly if I open it using Photoshop Elements V9.0.3.
When I save the file as JPEG and re-open it, the problem returns.
Opening the JPEG file in any other application, including PS Elements, does not cause the problem
Source of files
The original files came from a Nikon camera, saved in RAW format. It is possible that the original files were corrupted in some way as the shots had an unusual blue cast - which was easily resolved by Photoshop when I originally opened the RAW files. However, I'm not sure.
The problem is not universal as I've not been able to reproduce it with any other files (RAW or JPEG).
I have calibrated my monitor display settings sRGB IEC61966-2.1 (default)
Other information:
Adobe Photoshop Version: 12.1
Operating System: Windows 7 64-bitVersion: 6.1 Service Pack 1
System architecture: Intel CPU
Family:6,
Model:10,
Stepping:9 with MMX, SSE Integer, SSE FP, SSE2, SSE3, SSE4.1, SSE4.2
Physical processor count: 8
Processor speed: 3395 MHz
Built-in memory: 8153 MB
Free memory: 5089 MB
Memory available to Photoshop: 7147 MB
Memory used by Photoshop: 60 %
Image tile size: 128K

Answer 1

Thank you for yur reply, Curt. Yes, I do have the original RAW file. When I open it in PSE and PS, the colours appear correctly AT FIRST as shown here:
However, when I select "Open Image", it appears as here:
You will see that the blues in the lady's scarf and the wolly hat of a man in the forground are appearing as black. However, when the file is saved as JPEG or PNG and printed or viewed using PSE or Pait, or any other medium (even Premiere Elements), the colurs arer fine.
However, the same process when followed in PSE, does not result in the same outcome. The image displays correctly.